KARACHI – Pakistani rupee continued its upward trajectory in the 13th successive session, amid the ongoing crackdown against US dollar.
Data shared by the State Bank of Pakistan shows the local currency extending upward momentum for the 13th consecutive session and settled at 291.76 after an increase of Rs1.02.
In previous session, PKR gained over 5 percent of the total value, which equates to over Rs15.
State Bank of Pakistan announced an increase in financial incentives for banks, Microfinance Banks, and ECs to bring more home remittances into the country.
Interbank closing #ExchangeRate for today https://t.co/Ka0Vz0k1iS#SBPExchangeRate pic.twitter.com/qpsNh1KzqU
— SBP (@StateBank_Pak) September 22, 2023
Rupee remained under pressure in recent weeks and financial experts linked the surge with external payments made in July that contributed to the USD’s hike.
The country of over 240 million faced sky-high inflation for more than a year, in the wake of hikes in global commodity prices and domestic economic challenges while the balance of payments crisis, record record-high monetary policy badly hit the local currency.
